Mon Studios Raises $1.35 Million in Funding to Accelerate Development of MMORPG Spellborne
Posted: Jan 26, 2024 12:35 PM Updated: Jan 26, 2024 12:35 PM
Correction and fact check date: January 26, 2024, 12:35 p.m.
briefly
Mon Studios has raised $1.35 million in a strategic funding round to advance development of the Spellborne MMORPG and expand its team.
Massively multiplayer role-playing game (MMORPG) developer SpellboneMon Studios raised $1.35 million in a strategic funding round led by 32-Bit Ventures, Momentum 6, Yunt Capital, D64 Ventures, and County Capital, with participation from Animoca Brands, YGG, Faze Clan, Immutable, and Tatsumeeko.
The company plans to use the newly acquired funds to grow its team, advance development of the Spellborne game, and further its mission of creating enjoyable casual games.
Spellborne is a retro-inspired, massively multiplayer creature-collecting adventure. The game narrates the adventurous journey of three children from Isogashi City to pursue their goals in a world full of magic and monsters. Throughout their journey, they face various challenges, the most terrifying being the Guardians. Once awakened, these Guardians have the potential to wreak havoc.
The game features a storyline with elements of politics, friendship, and fraud. Players will meet numerous original characters and be given the opportunity to interact and explore their unique personalities. The narrative is open-ended, giving players multiple paths to explore and shape the unfolding story.
Founded in 2022, Mon Studios specializes in developing games with social features, puzzle elements, and high-quality pixel art. Last year, the company underwent a rebrand, shifting its focus from simply building base games to building strong intellectual property (IP) that spreads across multiple social channels and games. Along with this, the game mechanics and user interface have been improved for an improved gaming experience.
The company also plans to expand its intellectual property (IP) into a variety of areas, including toys, social media, games, and trading card games (TCGs) to showcase the capabilities of its custom gaming framework. This initiative includes the launch of multiple titles across a variety of genres concurrent with the token launch.
Global MMORPG market growth
The global MMORPG game market is expected to grow significantly at a compound annual growth rate (CAGR) of 10.50% from 2023 to 2028.
Last year, domestic blockchain game platform WEMIX collaborated with Mirana Ventures, an investment arm of Bybit, to launch a fund with the goal of supporting blockchain game companies that demonstrate their potential.
A portion of the funds, specifically $6.4 million out of a total of $30 million, has already been allocated to support five grantees actively involved in game development across a variety of genres, including MMORPGs, card battles, and sports.
With the new investment, Mon Studios will accelerate the development of Spellborne and provide direction for further growth and innovation in the gaming industry.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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